Used Car Prices Likely to Increase in the Coming Months
If you've been thinking about buying a new car, some experts say that it may be better to act sooner rather than later. Used automobile prices have hit a record high in the South following the devastation of Hurricane Harvey. It's possible that this trend will continue to the rest of the country as well, as demands for replacement vehicles escalate in the coming months.
Many consumers in Texas lost their vehicles due to the flooding that came along with Hurricane Harvey, and many cars in lots were damaged beyond repair as well. The need for used vehicles has risen, so cars must now be exported from other states to fill the demand. This sudden and sharp increase in used vehicle demand has caused prices to rise and may continue to bleed into surrounding states and the East Coast as well.
These increases in prices come at a time when experts had anticipated a decline in used car prices, as leasing becomes more popular with consumers looking to lower their monthly payments. Consumers who are in the market for traditional SUVs and trucks will be hit particularly hard by the price increases, as these types of vehicles have been determined to be in the shortest of supply, and thus command a higher price tag.
There is no hard expert data on what will happen to the used car market in the coming months, so it may be better to consider securing a car sooner if you and your family depend on personal transportation. If you have bad credit and need an auto loan in Philadelphia PA, we can help you get the car your family needs. At PA Auto Credit, we offer Buy Here Pay Here in Bucks County, PA to give you a fresh start on financing your vehicle.
If you are interested in learning more about financing a used car ahead of the coming months, please feel free to contact us at 800-371-1769 today.